Dried squid fillet is a popular seafood product with a unique flavor. However, its flavor release mechanism is unclear. In this study, volatile compounds (VOCs) were dynamically monitored in thawed squid (TS), salted squid (SS) and dried squid for 6 h (D6) and 24 h (D24). Subsequently, the Maillard reaction (MR) substrate, lipid oxidation index, free fatty acids and lipid profiles were detected. The results showed that the number of VOCs increased from 11 in TS (114.26 μg/kg) to 19 in D24 (1257.89 μg/kg). Besides, MR between glucose/ribose and amino acids (methionine, arginine, etc.) contributed to 3-methyl-butanal, methional and 2,3-butanedione. Meanwhile, lipid oxidation index, lipidomics and correlation analysis indicated that lipids (phosphatidylcholines and triglycerides) containing polyunsaturated fatty acids (C18:2, C20:4, C20:5 and C22:6) were precursors of 3-methyl-butanal, nonanal, heptanal, dodecane and tetradecane. Briefly, lipid hydrolysis, oxidation and MR mutually contributed to the flavor during the drying process of squid fillets.